Freehold Chinatown three-storey shophouses are fully leased for $53 mil

A pair of shophouses with freehold located at 79 and 81 Pagoda Street is up for auction at a value of $53million. It is expected that the sale of these properties will be conducted through an auction conducted by the sole agent for marketing, Savills Singapore. The tender is due to close on June 30.

The Reserve Residences Jalan Anak Bukit floor plan is a mixed-use, residential and commercial development, and an integrated transport hub.

The three-storey shophouses are situated on the principal Pagoda Street thoroughfare which sees significant footfall. The properties were constructed in the year 1995, and each has the basement as well as an attic floor.

According to a press statement issued from Savills on the 23rd of May the original facade of the shophouses has been preserved while inside, the spaces were redesigned and modernized. For instance, a passengers lift has been constructed for the floor from the ground up to the attic.

The properties are located on a surface of 2,493 square feet. both sites are classified as “commercial” according to the most recent master plan. They are completely let to a respected F&B operator.

“The Chinatown region is now Singapore’s biggest historic precinct,” says Yap Hui Yee, the senior director of capital markets and investment sales for Savills Singapore. “Sitting in an area that is certainly one of Singapore’s top destinations, in conjunction with the recent ease in international travel, this asset is set to reap the benefits of the booming economic mood.”

The sale does not incur any additional stamp duty on the buyer’s behalf or seller’s stamp duties, and is available to foreign or local customers.